If the economic development incentive program is approved, an economic development incentive agreement shall be entered into which includes the elements contained in § 16.01.030. The agreement must describe specifically the project and the exact assistance provided. It must identify how the project is anticipated to meet the criteria in § 16.02.010. It must also provide for periodic review of performance and provide remedies for violations of the covenants and conditions. The agreement shall permit transfer subject to the city's reasonable approval and provide for city approval of any tenants necessary to achieve the purpose of the project. The agreement shall show the public purposes of the project will be achieved.
(Ord. 2013-130, passed 8-21-2013)